Core Exploration Ltd (ASX:CXO) has received assay results for the 86-metre continuous intersection of spodumene pegmatite drilled at the BP33 prospect in February.
BP33 is part of the Finniss Lithium Project near Darwin in the Northern Territory.
Importantly, it is only 5 kilometres from the high-grade Grants deposit, which Core expects to become its first lithium producing asset.
75 metres at 1.68% lithium
The gross continuous mineralised interval at a 0.4% lithium cut-off was 75 metres at 1.68% lithium from 210 metres.
This 75-metre mineralised lithium intersection is the widest interval of spodumene pegmatite ever drilled in the Northern Territory.
READ: Core Exploration makes history by drilling widest spodumene intersection
The assayed mineralised interval included 55 metres at 2% lithium from 230 metres.
Potential to add mine life to Finnis
Managing director Stephen Biggins said: “We continue to be very encouraged with how BP33 is evolving and expect it has potential to add considerable mine life to our Finniss project.
“The results reported today are amongst the best spodumene intersections in Australia and greatly increase our confidence that the Finniss project has the potential to become a long-life and high-margin lithium operation."
Last metre of drill hole assays at 2.4% lithium
Boding well for future deeper drilling is the fact that the last metre of the drill hole delivered assay results of 2.4% lithium.
Pegmatite was intersected from 199 metres downhole and contained high average concentrations of spodumene from 210 metres to the end of hole at 285 metres.
The new assays align well with visual estimates of between 15% and 20% spodumene.
Possible exploration upside
Core is planning an extension drill program to be followed by infill drilling aimed at increasing the size of the resource that is being estimated for BP33.
Adjacent pegmatites at the BP32 and BP32W prospects, in the direction of the southerly extension from BP33, have been identified in historic trenching.
These have been verified more recently in shallow drilling.
Core expects to release a resource estimate for BP33 in May.